C-34 44th Parliament, 1st session November 22, 2021, to present

An Act to amend the Investment Canada Act
Short title: National Security Review of Investments Modernization Act
Bill type
House Government Bill

Summary

Current status
At second reading in the House of Commons
Latest activity
Debate at second reading on February 3, 2023 (House of Commons)

Progress

End of stage activity
Introduction and first reading, December 7, 2022
Chamber sittings
Sitting date Debates (Hansard)
December 7, 2022
Chamber sittings
Sitting date Debates (Hansard)
February 3, 2023
Consideration in committee
Not reached
Report stage
Not reached
Third reading
Not reached

Senate

First reading
Not reached
Second reading
Not reached
Third reading
Not reached

Details

Recorded votes

House of Commons

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Senate

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Speaker's rulings and statements

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Major speeches at second reading

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About

Legislative summary

A legislative summary is currently being prepared for this bill by the Parliamentary Information, Education and Research Services of the Library of Parliament. Meanwhile, the following executive summary is available.

On 7 December 2022, the Minister of Innovation, Science and Industry introduced Bill C-34 An Act to amend the Investment Canada Act (National Security Review of Investments Modernization Act), and it was given first reading.

Bill C-34 amends the Investment Canada Act to, among other things,

(a) require notice of certain investments to be given prior to their implementation;

(b) authorize the Minister of Industry, after consultation with the Minister of Public Safety and Emergency Preparedness, to impose interim conditions in respect of investments in order to prevent injury to national security that could arise during the review;

(c) authorize the Minister of Industry to make an order for the further review of investments under Part IV.1;

(d) allow written undertakings to be submitted to the Minister of Industry to address risks of injury to national security and allow that Minister, with the concurrence of the Minister of Public Safety and Emergency Preparedness, to complete consideration of an investment because of the undertakings;

(e) introduce rules for the protection of information in the course of judicial review proceedings in relation to decisions and orders under Part IV.1;

(f) authorize the Minister of Industry to disclose information that is otherwise privileged under the Act to foreign states for the purposes of foreign investment reviews;

(g) establish a penalty not exceeding the greater of $500,000 and any prescribed amount, for failure to give notice of, or file applications with respect to, certain investments; and

(h) increase the penalty for other contraventions of the Act or the regulations to the greater of $25,000 and any prescribed amount for each day of the contravention.

Similar bills

No similar bills were introduced during previous sessions or Parliaments

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